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FDIC

550 17th Street NW

Washington, DC 20429-9990

877-275-3342

 

Notice of Expiration of the Temporary Full FDIC Insurance Coverage for Noninterest-bearing Transaction Accounts

By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to thestandard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

 

The term ”noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.

 

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.

 

 

 

 

 

 

 

 

USA Patriot Act

IMPORTANT INFORMATION ABOUT NEW PROCEDURES FOR OPENING AN ACCOUNT MANDATED BY THE USA PATRIOT ACT

 

To help the government fight the funding of terrorism and money laundering activities, the USA PATRIOT Act, a Federal law, requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account, including business accounts.

 

What this means for you:

 

When you open an account, we will ask for your name, address, date of birth and other information that will allow us to indentify you.  We may also ask to see your driver's license or other identifying documents.  If you are opening an account on behalf of a business entity, documents relating to the business may also be requested.

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